Analysis of February Convertibles Issuance

Total issuance: $9,143 million in 22 deals

All amounts in million of dollars

Breakdown of Issuance

Amount ($ mlns) Number

Regular convertibles 8861.40 14

Investment bank deals 281.30 8

Total 9142.70 22

All data below excludes investment banks' own deals

Coupon

0% 2701.40 30.49%

>0%, <3% 400.00 4.51%

3%-3.99% 825.00 9.31%

4%-6.99% 4620.00 52.14%

>=7% 315.00 3.55%

Total 8861.40

Initial Conversion Premium

<20% 650.00 7.34%

20%-24.99% 2810.00 31.71%

25%-29.99% 451.40 5.09%

>=30% 4950.00 55.86%

Total 8861.40

Putable?

Yes 6001.40 67.73%

No 2860.00 32.27%

Total 8861.40

Contingent Conversion?

Yes 3651.40 41.21%

No 5210.00 58.79%

Total 8861.40

Mandatory?

No 8241.40 93.00%

Yes 620.00 7.00%

Total 8861.40

Sector (By SIC Code)

Oil and gas (13xx) 250.00 2.82%

Manufacturing (2xxx, 3xxx) 6826.40 77.04%

Utilities (4xxx) 300.00 3.39%

Retail (5xxx) 1200.00 13.54%

Finance, insurance, real estate (6xxx) 285.00 3.22%

Total 8861.40

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